“Banking the unbanked” is one of the more significant catchphrases in FinTech. It underpins the industry’s existence, not progress for progress’ sake, but technology to overcome existing challenges and inequities. While many debate which technologies are the most appropriate for this, Decentralized Finance (DeFi) has emerged as a top contender, providing access to banking facilities without the need for intensive investment in infrastructure.
Blockchain-based wallet Opera MiniPay has launched its second version, going multi-stablecoin and introducing Pockets for stablecoin swaps. The press release describes MiniPay as a super-lite (2mb) stablecoin wallet built on the Celo blockchain. It enables fast stablecoin mobile transfers across Africa.
With the latest upgrades on the app, users have access to the ease and convenience of a wallet pegged to stablecoins—a safer, less volatile cryptocurrency—and the many benefits that come from a one-click swap. Here’s how Opera’s MiniPay is punting DeFi as the FinTech of choice for the unbanked:
One-Click Drag & Swap
The latest version of MiniPay boasts a new feature called Pockets, created in partnership with Mento Labs, an EVM-compatible (Ethereum virtual machine) stablecoin platform. Pockets offers users “one-click swaps” between three stablecoins. In addition to their cUSD currency, the wallet will now include Tether’s USDT and Circle’s USDC.
Notably, USDT and USDC represent over 85% of the total stablecoin market. They have a strong existing user base in countries throughout Africa. Adding these two vastly popular stablecoins allows new use cases to be developed and simplifies onboarding.
Additional benefits include providing users with more flexibility and access to this category of digital assets, as well as a broadened network of on- and off-ramp providers to increase cash-in and out options.
As a result, users can easily and quickly switch or swap between cUSD, USDC, and USDT by “dragging from one pot and dropping into another.” This is enabled through the new ‘Drag & Swap’ functionality, allowing users to drag one pocket into another. The fees are “sub-cent,” and there are no hidden costs, the announcement said.
The team behind it remarked that Pockets “will optimize digital currency management while further delivering on MiniPay’s commitment to making Web3 solutions accessible to all.”
Mento Labs CEO Markus Franke commented that “MiniPay Pockets enable seamless transactions with stablecoins to onboard users to the digital economy.”
‘Discover Page’ for Integrated Dapps
Besides the Pockets feature, MiniPay unveiled the Discover Page for the decentralized apps (dapps) integrated within the wallet. This novel page organizes native dapps and provides users with direct access to tools such as Universal Basic Income protocols, savings applications, and games, among others.
According to the team, “the growing roster of integrated dapps introduces even first-time users to the benefits of Web3 technology to solve everyday challenges, like paying for bills and utilities directly without cashing out to local currency.”
Three Million Activated Wallets
First announced in September 2013, MiniPay is a blockchain-based dollar wallet built on Celo and integrated into the Opera Mini browser. One of the core features is gas fee abstraction, which tackles an important issue with decentralized apps; gas fees have long been a limiting factor and a significant barrier to adoption. Transaction fees (less than one cent per transfer) and instant processing are two additional benefits that have attracted over three million users.
The wallet has a simple user interface to lower entry barriers and cash-in/cash-out options for flexibility.
The team also works on integrating partners for each country of operation to “bring users competitive USD stablecoin rates.” Meanwhile, MiniPay’s initial month-long rollout was “a big hit.” In October 2013, the team launched MiniPay in Nigeria and has since expanded to Kenya, Ghana, and South Africa.
“From the outset, MiniPay has been about simplicity and financial empowerment, and our collaboration with Mento to create Pockets is another big step forward in that mission,” commented Jørgen Arnsen, EVP of Mobile at Opera. “We’re bringing advanced Web3 technologies to a Web2 audience in the African continent by packaging them in ways that are comprehensible and accessible,” he added.
Opera, in collaboration with Celo and Mento Labs, is delighted to announce a significant achievement of surpassing 1 million users of the MiniPay wallet across Nigeria, Kenya, and Ghana. This milestone will be officially celebrated at the Africa Money and DeFi Summit, taking place on February 14-15, 2024, in Nairobi, Kenya.
MiniPay is a self-custodial dollar stablecoin wallet seamlessly integrated into the Opera Mini browser for Android users and built on the Celo blockchain. MiniPay empowers users to save, send, and receive funds instantly on their mobile phones with very low transaction fees. With a mission to onboard millions of users to Web3 across Africa, Celo and Mento Labs aim to provide accessible financial tools through MiniPay embedded in Opera Mini.
MiniPay’s Mission and Solutions
MiniPay’s mission is to harness the benefits of decentralized finance (DeFi) to provide accessible financial tools and onboard millions of users in Africa to Web3. MiniPay enables fast, easy, and affordable payments through its stablecoin wallet integrated into the Opera Mini browser. MiniPay is currently live in Nigeria, Kenya, and Ghana, offering sub-cent fees through the Celo network, with plans for expansion into South Africa, and more.
Partnership with Celo and Mento Labs
The strategic partnership between MiniPay, Celo, and Mento Labs is driven by the shared vision of financial inclusion and economic stability in Africa. Mento decentralized cUSD (Celo Dollar) stablecoins, integrated into the MiniPay ecosystem, offer multiple advantages, including mitigating currency volatility and providing a reliable store of value. This is especially crucial in regions affected by hyperinflation and economic uncertainty, where stablecoins present a decentralized and accessible alternative to traditional financial services.
“The MiniPay wallet has been designed to be intuitive for users of all experience levels to reap the benefits that decentralized finance can bring. Via a familiar Web2 experience, MiniPay makes it easier and more affordable for individuals across Africa to acquire, send and receive Mento cUSD stablecoins—simply by using mobile phone numbers,” said Charles Hamel, Product Director, MiniPay.
“The Celo community is thrilled to support the growth of our shared mission to create the conditions of prosperity for all through Opera MiniPay. This partnership allows real-world users access to a variety of inclusive financial tools in a seamless, fast, and reliable way,” said Jason Rodrigues, Head of Founder Programs at the Celo Foundation.
“Mento Labs is excited to support the MiniPay rollout that aims to provide affordable and accessible financial services to Opera’s user base in Africa. Focusing on speed, reliability, and financial inclusivity, MiniPay gives users a secure and transparent way to easily store and send funds using stablecoins,” added Markus Franke, CEO at Mento Labs.
Concluding Thoughts
Addressing the disparity in financial services between developed and developing nations is at the core of what DeFi is trying to achieve. Opera’s MiniPay has decidedly narrowed the gap. With over three million users across several countries in Africa, the digital wallet cuts out the middleman in transactions.
Users will find that Opera MiniPay’s new version offers ease of access, removes the barriers of adoption when it comes to trading, and gives their customers access to a broader range of currencies. Opera MiniPay charts a path for DeFi to emerge as the dominant technology in Fintech’s aim to bank the unbanked.
